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Author Topic: Easy Steps For Making Your Bitcoin Address Safe!  (Read 2037 times)
Muhammed Zakir
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June 27, 2014, 02:51:17 PM
 #1

Hello!
Many are saying online wallets are bad but I think unlike others blockchain.info wallet is safer and better. But still there emerge a question, What if it get hacked?
A simple answer is 'Cold Storage'.
Now you can make a 'Cold Storage Address' or use current address as 'Cold Storage Address' using blockchain.info wallet.

You can follow these easy steps for making your Blockchain.info wallet safe!  Smiley

1: Make a new address if there is only 1 address in your wallet.
2: Go to 'Import/Export' tab and click 'I Understand' and then click 'Paper Wallet'. A pdf file downloads.
3: Go to 'Receive Money' tab, then click 'Actions' of the old address(address you use more often to receive BTC) and click 'Archive Address'.
4: Go to 'Archived' tab and then delete the archived address.
5: Now copy the address and paste it into the first column and click 'Add Watch Only Address'.
6: Now you have a 'Cold Storage Address'.

Note:
       Print your 'download.pdf' file of the  
       You can't send Bitcoin from the 'Cold Storage Address' unless you import the 'Private Key'.
       After you import your address will not remain as a 'Cold Storage Address' and if you want to make it
     'Cold Storage Address', you can follow the above steps again.
                                                       Or
       You can generate a new 'Cold Storage Address' by clicking 'More Actions' in 'Receive Money' tab and
       click 'New Cold Storage Address'.
       Remember:-
                          You have to send Bitcoins from other address manually and every transaction you
                          make generally costs 0.0001 BTC.
                   It is better to make the current receiving address as 'Cold Storage Address' than making a new one

If there is any mistake or any doubt feel free to ask, there is no such thing as 'Silly Post' in asking doubts.

Donations are welcome : 18DRXLSmqhE9JaCpRL3xQnNCD8Df2r5AoG . Wink

Kindly,
        Muhammed Zakhir

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June 27, 2014, 02:58:06 PM
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1. An address generated on an online computer cannot be considered as a cold address

2. Excessively reusing an address is usually a bad idea

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Muhammed Zakir
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June 27, 2014, 03:15:50 PM
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1. An address generated on an online computer cannot be considered as a cold address

You can just use watch only option, so that your private key will not be in our account. So that we can see received payments although we can't send any Bitcoin unless we import Private Key.

2. Excessively reusing an address is usually a bad idea

Yes, you are right but it is better to use it like a 'Cold Storage Address and removing private key from the account than putting our private key in our account.

Kindly,
       Muhammed Zakhir

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June 27, 2014, 03:21:53 PM
 #4

Hello!
Many are saying online wallets are bad but I think unlike others blockchain.info wallet is safer and better. But still there emerge a question, What if it get hacked?
A simple answer is 'Cold Storage'.
Now you can make a 'Cold Storage Address' or use current address as 'Cold Storage Address' using blockchain.info wallet.

You can follow these easy steps for making your Blockchain.info wallet safe!  Smiley

1: Make a new address if there is only 1 address in your wallet.
2: Go to 'Import/Export' tab and click 'I Understand' and then click 'Paper Wallet'. A pdf file downloads.

This is NOT "cold storage".  You do not understand the meaning of "cold storage".  Please do not confuse the newbies.

What you are describing is a "paper wallet".  That is why blockchain.info calls it a "Paper Wallet".

"Cold storage" is an address that is generated on a computer that has never been connected to the internet.

Muhammed Zakir
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June 27, 2014, 03:30:53 PM
 #5

Hello!
Many are saying online wallets are bad but I think unlike others blockchain.info wallet is safer and better. But still there emerge a question, What if it get hacked?
A simple answer is 'Cold Storage'.
Now you can make a 'Cold Storage Address' or use current address as 'Cold Storage Address' using blockchain.info wallet.

You can follow these easy steps for making your Blockchain.info wallet safe!  Smiley

1: Make a new address if there is only 1 address in your wallet.
2: Go to 'Import/Export' tab and click 'I Understand' and then click 'Paper Wallet'. A pdf file downloads.

This is NOT "cold storage".  You do not understand the meaning of "cold storage".  Please do not confuse the newbies.

What you are describing is a "paper wallet".  That is why blockchain.info calls it a "Paper Wallet".

"Cold storage" is an address that is generated on a computer that has never been connected to the internet.

I know Paper Wallet. Smiley Why I said download.pdf is to help others from getting confused when downloading.

What I meant is removing the private key but keeping track of our payments. In this way it is more safer when using blockchain.info wallet.
Kindly,
        Muhammed Zakhir

jl2012
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June 27, 2014, 03:33:50 PM
 #6

Hello!
Many are saying online wallets are bad but I think unlike others blockchain.info wallet is safer and better. But still there emerge a question, What if it get hacked?
A simple answer is 'Cold Storage'.
Now you can make a 'Cold Storage Address' or use current address as 'Cold Storage Address' using blockchain.info wallet.

You can follow these easy steps for making your Blockchain.info wallet safe!  Smiley

1: Make a new address if there is only 1 address in your wallet.
2: Go to 'Import/Export' tab and click 'I Understand' and then click 'Paper Wallet'. A pdf file downloads.

This is NOT "cold storage".  You do not understand the meaning of "cold storage".  Please do not confuse the newbies.

What you are describing is a "paper wallet".  That is why blockchain.info calls it a "Paper Wallet".

"Cold storage" is an address that is generated on a computer that has never been connected to the internet.

What I meant is removing the private key but keeping track of our payments. In this way it is more safer when using blockchain.info wallet.
Kindly,
        Muhammed Zakhir

So please call a spade a spade. It is just "removing the private key", not cold storage

Donation address: 374iXxS4BuqFHsEwwxUuH3nvJ69Y7Hqur3 (Bitcoin ONLY)
LRDGENPLYrcTRssGoZrsCT1hngaH3BVkM4 (LTC)
PGP: D3CC 1772 8600 5BB8 FF67 3294 C524 2A1A B393 6517
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June 27, 2014, 06:03:05 PM
 #7


"Cold storage" is an address that is generated on a computer that has never been connected to the internet.

This +

"...AND never WILL be online in the future either."

That's the gold standard.

In my opinion. a very close second would be: "using an old
computer that was once online, but will never be online
again AND you are confident the address generating
program can't be manipulated by a virus that the
computer might already have."

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June 28, 2014, 05:20:28 AM
 #8

I just saw someone on another thread also recommending blockchain coldstorage wallet to a newbie, I don't understand what is the point of this, a paper wallet/ cold storage wallet is the one that has never been online and the owner is only the person who has its private keys, the method you describe is no way safe and it would be same as creating an online wallet with the site.

Muhammed Zakir
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June 28, 2014, 08:54:37 AM
 #9

I just saw someone on another thread also recommending blockchain coldstorage wallet to a newbie, I don't understand what is the point of this, a paper wallet/ cold storage wallet is the one that has never been online and the owner is only the person who has its private keys, the method you describe is no way safe and it would be same as creating an online wallet with the site.

If they somehow get the password of the wallet, they can send BTC to another wallet in a few seconds. So removing private key and using it as a watch only address would be better. Roll Eyes

Kindly,
        Muhammed Zakhir

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June 28, 2014, 02:40:54 PM
 #10

I just saw someone on another thread also recommending blockchain coldstorage wallet to a newbie, I don't understand what is the point of this, a paper wallet/ cold storage wallet is the one that has never been online and the owner is only the person who has its private keys, the method you describe is no way safe and it would be same as creating an online wallet with the site.

If they somehow get the password of the wallet, they can send BTC to another wallet in a few seconds. So removing private key and using it as a watch only address would be better. Roll Eyes

Kindly,
        Muhammed Zakhir

You clearly need to understand the concept of cold storage wallets as they offer the most safety. Just know this any time you make any wallet online it compromises its safety. If you're referring to watch only electrum wallet than thats different but if you're making an online wallet, whether or not it is watch only does not make a difference. If you still think that it is safe its upto you where you chose to keep your money.

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June 29, 2014, 10:22:51 AM
 #11

I just saw someone on another thread also recommending blockchain coldstorage wallet to a newbie, I don't understand what is the point of this, a paper wallet/ cold storage wallet is the one that has never been online and the owner is only the person who has its private keys, the method you describe is no way safe and it would be same as creating an online wallet with the site.

If they somehow get the password of the wallet, they can send BTC to another wallet in a few seconds. So removing private key and using it as a watch only address would be better. Roll Eyes

Kindly,
        Muhammed Zakhir

It's possible to sign transactions with your private key from a computer that is completely offline and not connected to the internet at all, ever. That's what people are trying to say. And why it's better than the method that you are suggesting and erroneously calling a 'cold wallet'. Smiley

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July 01, 2014, 08:14:09 PM
 #12

Could someone also make or link to a easy "cold" wallet guide?

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July 04, 2014, 10:19:51 PM
 #13

I my self use a old laptop that has been sitting around and never used it anymore.

These are my steps for making a wallet that never will be connected anyway to a connection unless i need to pull funds and that is hardly

1.) take old laptop / format the hard drive / install windows 7 + anti virus + malwarebtyes + spy bot
2.) run all updates on windows 7 / anti virus / malwarebtyes + spybot
3.) make sure the system is 100% clean before even installing a bitcoin-qt
4.) let the system fully download the block chain on the to computer
5.) shut down bitcoin-qt and restart it and then make a address that will never be used
6.) send funds to that address. shut down bitcoin-qt make some copy's of your encrypted wallet
7.) shut down that pc and keep it offline

- any other advice would be great but this is how i been doing it and like to think its safer then most stuff
Marlo Stanfield
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July 08, 2014, 03:32:39 PM
 #14

Could someone also make or link to a easy "cold" wallet guide?


I my self use a old laptop that has been sitting around and never used it anymore.

These are my steps for making a wallet that never will be connected anyway to a connection unless i need to pull funds and that is hardly

1.) take old laptop / format the hard drive / install windows 7 + anti virus + malwarebtyes + spy bot
2.) run all updates on windows 7 / anti virus / malwarebtyes + spybot
3.) make sure the system is 100% clean before even installing a bitcoin-qt
4.) let the system fully download the block chain on the to computer
5.) shut down bitcoin-qt and restart it and then make a address that will never be used
6.) send funds to that address. shut down bitcoin-qt make some copy's of your encrypted wallet
7.) shut down that pc and keep it offline

- any other advice would be great but this is how i been doing it and like to think its safer then most stuff

Lots of people like to use Armory for generating cold wallets. I think it was partially designed for this purpose. There's an Armory subforum here on bitcointalk as well. I'm sure there will be people there who would be happy to give you some tips and instructions.

Here's the link: https://bitcointalk.org/index.php?board=97.0

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July 22, 2014, 08:24:52 AM
 #15

@winter
@Marlo Stanfield

thank you very much Smiley

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July 22, 2014, 08:28:33 AM
 #16

@OP
I truly hope you are not keeping your hard earned money in adress like that, as something that is generated by computer not under your control is as far from "safe" as it can get.
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